LIMA, NOV 17 – Chinese President Xi Jinping yesterday called for Asia Pacific economies to ‘unite and work together’ in the face of rising ‘protectionist policies’ at a summit in Peru.
Speaking to Asia-Pacific Economic Cooperation (APEC) leaders a few hours before he was scheduled to hold talks with his United States (US) counterpart, Joe Biden, Xi referred to ‘challenges such as geopolitics, unilateralism and the rise of protectionism.’
“We must unite and work together,” he added, in a statement published by Chinese state broadcaster CCTV.
Xi’s planned meeting with Biden comes two months before Republican presidential nominee Donald Trump – who has been embroiled in an escalating tariff war with Beijing during his first term as President – returns to the White House in January.
During this campaign, Trump has vowed to launch a series of protectionist trade policies including comprehensive tariffs on all imports and especially high levies on China.
Yesterday, Xi urged APEC members to stand firm in multilateral policies and open economies while expanding regional integration.
He supported efforts to create an Asia-Pacific free trade area that had been in the works for years and said Beijing was ready to negotiate trade deals in the digital and green sectors.
Xi, whose country will host APEC in 2026, also called for greater cooperation in key areas such as artificial intelligence and quantum information.
China, the world’s second-largest economy, has struggled with challenges ranging from a protracted housing crisis to sluggish consumption and local government debt.
The country is targeting annual growth of five percent this year, but many experts believe that target will be difficult to achieve given the economic challenges it faces. – AFP